Cash Plus Franchise

Cash Plus Franchise

Cash Plus is a franchise for a family financial service center. It was founded in 1985 by current President and CEO, Craig Wells.

He has created a concept on a store that helps families through offering different types on financial services such as payday advance loans, check cashing, money orders, and wire transfers just to name a few. They have trademarked several services like a customer service “kings and queens”, a customer reward program “cashaway sweepstakes”, and charity program “Bravokids”.

Their charity program “Bravokids” is a helping hand for those kids who are really in need. They sponsor kids around the world like the one in 2000 that they called “Save the Children”. In this program, they even inspired a group of customers in Anaheim, California who went out on their own sponsoring children themselves. They have also set-up a donation station that they called “kids for kids in Haiti” program in 2010 for the victims of the 2010 Haiti earthquake.

What services do they offer?

They have Check Cashing. They cash checks like government checks, payroll checks, tax refund checks, insurance checks, cashier’s checks, personal checks and all other kinds of checks. They also have the Payday Advance Loan. They no longer do credit check to get a payday loan and that makes it faster especially when you need fast money to pay bills on time. They offer free Money Orders for members and to become a member, it’s also free. They also do Wire Transfers. It’s a way to send money anywhere in the world and it takes only 10 minutes or less to reach them. Another service is the Cash plus Card. It can be used like cash. You can withdraw at more than one million ATM’s, use it where Debit Mastercard is accepted, and to make purchases online. To get a Cash Plus Card, there’s no need for credit checks, bank account, nor monthly bills. What’s more is that some locations also have notary public service, bill payment services, fax, mailbox rentals, prepaid phone cards, and photocopy services.

Costs and Requirements Associated with Running a Cash Plus Franchise

You need to have a net worth of $400,000 and a total liquid asset of at least $100,000. Expect to be investing $198,000 to $285,000. Franchise fee is $35,000 with an on-going royalty fee of 5-6%. This is for a renewable 10 year term agreement. You will need 3 employees to run one location. They allow multi-unit ownership and currently, 18% of franchisees have more than one unit. They allow absentee ownership and currently, 92% of owners are also operators.

What’s included in the franchise package?

There will be one week training at the Cash Plus franchise headquarters and one week training at your location. There’s also additional ongoing training for 90 days. You will also receive newsletters, attend meetings, toll-free number, assistance at grand opening, purchasing cooperatives, and internet. Expect occasional field evaluations to check on your progress. For marketing, there will be co-op advertising, ad slicks, and national media.